Key Information
For residents of:
Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Pennsylvania, South Dakota, and West Virginia.
Benefits-at-a-Glance
Base Term Life
When you provide your employees with an EPIC Base Term Life program, you're giving them security, a solid financial foundation, and a promise to help when they need it most. We designed EPIC Base Term Life plans to be flexible. You may choose from the following benefit options:
- A flat benefit, where each employee is covered by the same amount of term life insurance
- A scheduled plan, where benefit levels are determined by categories such as occupation or length of service
- An annual earnings benefit, where benefit levels are based upon a multiple of the employee's salary
Note: For scheduled plans, the benefit level of one class can be up to 2.5 times the amount of the next lower class. You may select up to six classes.
The minimum coverage per employee is $15,000; the maximum is $500,000. Coverage amounts are reduced by 35% at age 65, and by another 15% at age 70.
You'll be providing a valuable benefit to your employees. The cost of group term life insurance provided by the employer up to $50,000 is a tax exempt benefit to the employee under IRC Title 26, Section 79. There's an advantage for you, the employer, as well. The premiums you pay for up to $50,000 of group term life insurance for each employee is a tax deductible business expense for federal income tax purposes, in accordance with IRS Section 264. Check with your tax advisor to find out how state and federal tax laws apply to your employee benefit plan.
Because we care about offering you the finest and most comprehensive life benefits available, EPIC Term Life packages include three valuable features, included at no additional cost:
- Living Benefit - Allows terminally-ill insureds (defined as having a medically-certified life expectancy of less than 12 months) to receive up to 50% of their term life coverage up to $50,000.
- Waiver of Premium - We'll waive an employee's life premium if he or she becomes totally disabled before age 60, for as long as he or she is totally disabled or until he or she reaches age 70.
- Conversion Privileges - Upon termination, the employee and dependents can choose to convert to an EPIC individual term life policy without having to meet our health underwriting requirements. If an employee or dependent dies within 31 days of the date his or her term life insurance ends, we'll assume he or she wanted conversion, and pay any life benefits the employee or dependent would have been entitled to under the conversion plan.
Once you have purchased EPIC Base Term Life, you may also apply for Supplemental Term Life, AD&D, or Dependent Term Life or Supplemental Dependent Term Life.
| Group Size Requirements for EPIC Base Term Life |
| With other EPIC coverage: Minimum two lives |
| Stand alone: Minimum ten lives |
Accidental Death & Dismemberment (AD&D)
AD&D coverage is one of the most efficient and cost-effective ways to complete your employee's term life coverage. This affordable coverage provides benefits in the event of an employee's accidental injury or death.
Select AD&D coverage equal to or twice that of your employee's base term life coverage, plus you can offer your employees an additional supplemental amount equal to the supplemental life coverage. AD&D is offered on an occupational or non-occupational coverage basis, except for select industries.
Dismemberment benefits payable in the event of an accidental injury depend upon the type and extent of the injury. Your sales representative can provide you with more details.
EPIC's AD&D coverage can be enhanced by selecting the option to increase benefits in event of death on a common carrier. Ask your EPIC representative about availability of the Common Carrier Provision.
